Venezuela set to Cut 95000 bpd Crude Output in OPEC Deal

Money managers raised their combined futures and options position in two major NYMEX and ICE markets by 8,494 contracts to 341,834 in the week to December 27, a fresh high since July 2014, U.S. Commodity Futures Trading Commission (CFTC) data showed.

January 1 marks the start of the pact by the Organization of the Petroleum Exporting Countries and several non-OPEC producers to lower production by nearly 1.8 million bpd. Global benchmark Brent crude traded on London's ICE Futures exchange was last quoted at $56.74 a barrel, we reckon the futures of these energy commodities to spike further in Q1'2017 as a result of above the above mentioned fundamental drivers.

Traders are waiting to see if major oil producers inside and outside the Organization of the Petroleum Exporting Countries will deliver on pledges to curtail production beginning next month.

Venezuela, a price hawk within OPEC and one of the nations worst affected by a fall in crude revenue since mid-2014, now produces just over 2.4 million barrels of crude and condensates per day, according to ministry data.

Oil prices saw their biggest annual gain in seven years in 2016 after OPEC joined with Russian Federation and other major producers outside the cartel to curb a supply glut that weighed down the market. Oil prices will gradually rise towards $60 per barrel by the end of 2017, according to a Reuters poll of 29 analysts and economists.

Agreement between OPEC and non-OPEC countries, including Russian Federation, on oil production levels cut, aimed at stabilizing world oil market, will be implemented starting from today.

The group also boosted bullish bets on ULSD to the highest since July 2014 as demand picks up with forecasts for a colder winter.

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